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00:00And welcome to a very special edition of a new Thoroughbred Daily News podcast.
00:11It's called the TDN Business Hour.
00:14I'm your co-host Bill Finley and I'll be joined by Katie Petruniak each week as we try to
00:18delve into the stories that are behind the scenes and the stories that make the business
00:23horse racing go.
00:24We built one of our signature programs called Share the Upside.
00:29We built that specifically around trying to get mares to end to mischief.
00:34We came up with Share the Upside.
00:37And so if you bred two mares to end to mischief in year two of his career at $6,500, you earned
00:44a lifetime breeding right in end to mischief.
00:49If you do a flash sale, it has to work.
00:51That's a lot of pressure.
00:53If we put up flash sales and it's RNAs every time, there's no one that's going to return
00:58to that.
00:59So for us, it's getting that recipe right of, okay, huge update, a realistic owner,
01:06and you know, a buying base that is willing to participate.
01:11No, I was not surprised by the Supreme Court, as we lawyers call it, denial of cert, denial
01:18of certiorari.
01:19None of the factors that the Supreme Court uses to take a case out of the thousands that
01:27they're asked to consider every year were present here.
01:30There was no, not yet, not until the Fifth Circuit and the Eighth Circuit rule.
01:36We do not yet have any disagreement amongst the lower federal courts about the constitutionality
01:44of HISA as amended by Congress.
01:48The Jockey Club had employed McKinsey consultants to look at a ton of data and they broke these
01:54through the research that they did.
01:56They divided it down into these seven key areas and that was their primary one, the
02:01post-entry screening.
02:02And yeah, and within that, they broke it down into three tiers, you know, the gold standard,
02:07which is triple A tracks, you know, the double A tracks and the single A tracks and the triple
02:12A tracks are those that follow California's model, which is every time the entries are
02:17in, a panel of experts will go through all of the horses entered and tick off these horses
02:29against a set of commonly understood risk factors, which they know are associated with
02:36horses being at higher risk of injury.